How to Calculate Byaj (Interest) at “₹ per 100 per Month” — With Examples
A simple guide to calculating interest the traditional Indian way — rate per ₹100 per month, counting days, yearly compounding and part payments — with worked examples.
What should software for a credit cooperative society or pat sanstha do? A checklist covering members, deposits, loans, daily collection, interest, NPA, reports, backup and migration.
A credit cooperative society does almost everything a bank does — takes deposits, gives loans, pays interest and closes its books every year — but usually with a small team and a tight budget. The right software can save that team weeks of work every year. Here is what to look for.
Every account belongs to a member, so the member record must be complete: personal details, photo and signature, nominee, share capital and a member-wise view of every account they hold. Look for bulk import from Excel so you do not have to type in thousands of members again, and a customisable member form because every society asks for slightly different details.
Saving, Fixed Deposit, Recurring Deposit, daily deposits and share accounts all behave differently. Each account head should carry its own defaults: interest rate, tenure, account numbering and maturity rules. Ask to see the FD and RD maturity report, and how a matured deposit is transferred or renewed.
The loan book is where a society’s health is decided. You need EMI tracking, a clear overdue list, and the ability to recover a repayment from the member’s deposit account. Overdue loans should be classified automatically — we explain the standard categories in NPA classification for society loans.
Daily deposit schemes run on collection agents. The software should let you assign accounts to each agent, send the day’s list to the agent’s mobile, take the collected amounts back and post them as receipts in bulk — not one by one.
Interest posting should be a single step for all accounts, generate proper vouchers, and show a breakdown for any account. When a member questions their interest, you should be able to show the calculation on screen.
Receipt, payment, journal and bank vouchers should update the member account, the cash or bank ledger and the daily book together. If the software asks you to post the same transaction in two places, the books will drift.
Separate logins for clerks, cashier and manager, approvals for sensitive entries, and clean financial-year handling with profit & loss transfer at year end.
Where is the data stored, and what happens if the computer fails? Offline desktop software keeps the database in your office and works without internet; insist on a simple, regular backup. See offline vs cloud software for the trade-offs.
Society e-Banking was built against exactly this list. Book a demo and we will show it to you with sample data from a society like yours.
A simple guide to calculating interest the traditional Indian way — rate per ₹100 per month, counting days, yearly compounding and part payments — with worked examples.
Two ways of counting days give two different interest figures. Learn how the calendar method and the 30-day (360-day year) method work, with examples and when to use each.
What is an NPA, how are Standard, Sub-standard, Doubtful and Loss assets defined, and how can a credit cooperative society track overdue loans without a manual register?
Book a free, no-obligation demo. We will set it up with sample entries from your business so you can judge it properly.